Fox/MSN headline: Grim outlook for housing market, NAHB CEO warns
National Association of Home Builders CEO Jerry Howard warned on “Varney & Co.” Monday of “a tough time” ahead for the industry as data revealed the housing market has been slowing down.
Howard provided the insight on the same day it was revealed that builder confidence plunged in July amid soaring inflation and increased interest rates, which stalled the housing market by dramatically slowing sales and traffic from prospective buyers, according to the association.
Home builder confidence in the market for newly-built single-family homes dropped 12 points lower to 55 in July, its seventh consecutive monthly decline according to the NAHB/Wells Fargo Housing Market Index (HMI) released on Monday.
The index can range between 0 and 100 with any print over 50 indicating positive sentiment. Any reading above 80 signals strong demand.
Side note: Lumber is selling at a price below where it opened in 2021. $LUMBER weekly chart: